Converting a joint account into a sole account

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Comments

  • MABLE
    MABLE Posts: 4,080 Forumite
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    frivolous_fay wrote: »
    Thoroughbred? Snort.

    I think you've misread the OP though... we're not talking about converting to a joint account.


    No I did misread the post snort, snort,
  • lynxptc
    lynxptc Posts: 280 Forumite
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    Anyone else?
  • Forgetful
    Forgetful Posts: 1,729 Forumite
    it all depends on who u bank with

    I opened a Abbey National account 24 years ago then about 15 years later I added my OH name , so still same account number...then about 4 years ago I had my name removed from the account...still same number but in OH name now.
  • itsnowtime
    itsnowtime Posts: 288 Forumite
    As far as I understand it is the case with the bank in question. You'll be asked to close the account and 're-open' a new account in your own name.

    You could attempt to open the account in your own name prior to closing the joint account - not sure if that will help in anyway??
  • desperation_2
    desperation_2 Posts: 71 Forumite
    As a prior Manager for Barclays/Woolwich I hope the following helps:

    Banks HATE converting a joint account to a sole account. (In most cases the account is in dispute and banks do not like to be put into the position to decide who should be the sole owner). By doing this they could place themselves in the position of having a dispute with the person being taken off the account.

    Some banks will take into account who is the 1st owner (ie, were you the first owner, and added the 2nd person on the account?)

    In my experience I would recommend that regardless of your own cicumstance, you open your own account in your sole name, and transfer all your personal banking requirements to this account.

    If you are in an agreeable relationship with the 2nd person on the account, then both send a letter signed by yourselves, to close this account.

    If you are not, then send a letter by yourself to the bank stating you are unable to contact the 2nd person on the account and are not able to agree a way forward. Return your card, chequebook etc and state you will not take any further responsibility for the future management of the account. Ensure this is done after you have transferred all your banking requirements to the new account.

    Remember, banks hate to get involved within personal disputes, (if there is one), and would rather not do things if it places them at risk.
    'Mistakes are the portals of discovery'
    James Joyce, Writer
    :A
  • jonesMUFCforever
    jonesMUFCforever Posts: 28,898 Forumite
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    Sorry desperation but much of your posting is not true (for other banks other than the one you work for).
    It is a lot more work to open a seperate account and then transfer d'd's and s'o's etc.
    It is much easier to get a single form signed by both parties - stipulating who is to remain on the account and who is going.
    If the account is overdrawn or has a n o'd facility then the bank will act on this instructions providing the remaining party passes the credit score test and is willing to take sole responsibility for any overdrawn balance.

    By writing a letter and returning cards all you are doing is telling the bank to freeze the accounts meaning no payments out or in for either party!

    By all means the party who is not to remain on the joint account should get their own account.
  • FluffyFiFi
    FluffyFiFi Posts: 585 Forumite
    I work for Nationwide and accounts can be changed as long as both parties agree and the forms signed, it is quite straightforward.

    Some people say if someone dies how do the do it - this is different and a death certificate would have to be produced.
  • missile
    missile Posts: 11,684 Forumite
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    FluffyFiFi wrote: »
    Some people say if someone dies how do the do it - this is different and a death certificate would have to be produced.

    Why? Surely there is no need to remove a dead co-signatory unless he is called lasaris?
    "A nation's greatness is measured by how it treats its weakest members." ~ Mahatma Gandhi
    Ride hard or stay home :iloveyou:
  • FluffyFiFi
    FluffyFiFi Posts: 585 Forumite
    missile wrote: »
    Why? Surely there is no need to remove a dead co-signatory unless he is called lasaris?

    No, you don't have to, but you might not want to still get post coming to your dead spouse/partner.

    Also, if you want to close the account both signatures would be required. Most people would want to take the dead person off.
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